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[brief comment on Copper in SMM] the Federal Reserve's decision to discuss interest rates is about to fluctuate at a low copper price.
Jul 29,2019 16:26CST
translation
Source:SMM
A brief comment on SMM Copper issue on July 29th
The content below was translated by Tencent automatically for reference.

SMM July 29 news: this morning Shanghai copper main contract 1909 opened early in the morning at 46890 yuan / ton, after the opening of the disk slightly moved up to the highest level of 46970 yuan / ton in the day, and then the center of gravity moved down slightly, and in the vicinity of 46930 yuan / ton shock finishing, consolidation trend until noon. The center of gravity of the opening session remained basically unchanged in the afternoon, fluctuating between 46880 and 46940 yuan / ton, and fluctuated little today, fluctuating within the price range of 100yuan / ton, closing at 46900 yuan / ton, down 160yuan / ton, down 0.34 per cent. Shanghai Copper's main contract today reduced its position by 2836 hands to 240000, mainly due to long positions, while trading volume increased by 12000 hands to 119000. At present, the trend of backward position of Shanghai Copper is obvious, today, the position of Shanghai Copper 1910 contract increased by 13000 hands to 143000 hands, and the position of Shanghai Copper Index increased by 6566 hands to 576000 hands today. Trading volume increased by 53000 hands to 248000. As the market awaits this week's Fed decision on interest rates, the dollar continues to strengthen today, hitting 98.1 levels; copper prices are hovering around $46900 a ton under pressure. We will continue to follow the progress of the Sino-US trade negotiations tomorrow and will guide copper prices. Shanghai copper today a small negative, the upper pressure 60-day moving average, KDJ index negative expansion, the technical side does not support the copper price up. In the evening, wait for the guidance of the outside market to test whether Shanghai Copper can stand at the 47000 yuan / ton gate.

(SMM Song Yao)

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